Mario Gabelli, the manager of Gamco Investors, cashes in on Edgen Group Inc (NYSE:EDG). In a recent filing with the Securities and Exchange Commission, Gamco reported closing the position in Edgen Group. The fund previously owned 1.45 million shares, after recently disclosing an addition to their position.
Edgen Group Inc has been taken over by Sumitomo Corporation. The deal was made public yesterday, with the Japanese company paying $12.00 per share.
Dan O’Leary, the President and Chief Executive Officer of Edgen Group, said:
This transaction gives us the capacity to serve the expanding needs and complex procurement requirements of the global energy infrastructure industry on an even greater scale. We look forward to leveraging the value of this new partnership on behalf of our customers around the world.
Kazuhiro Takeuchi, President and CEO of Sumitomo Corporation of America, said:
As a leader in the supply of steel products across the upstream, midstream and downstream oil and gas market in the United States, the acquisition of Edgen Group gives us a broader global distribution platform, including experienced staff, facilities, and an expanded specialized steel product offering that will allow us to continue our growth and to support the development of our global energy infrastructure
Other funds that were heavily invested in Edgen Group before the takeover are Kingdon Capital, run by Mark Kingdon, with a holding of 476 thousand shares, Driehaus Capital, managed by Richard Driehaus, with a little over 500 thousand shares, and Brian Taylor‘s Pine River Capital Management, which owned 140 thousand shares.